WASHINGTON — “These numbers once again demonstrate the resiliency and reliability of U.S. farmers and ranchers in the face of continued challenges,” said Secretary of Agriculture Tom Vilsack in response to revised forecasts of U.S. agricultural exports.
Agricultural exports for fiscal 2017 were forecast at $133 billion, up $6 billion from the most recent forecast and up from a revised $126 billion in fiscal 2016. The agricultural trade surplus was forecast at $19.5 billion, up 40% from fiscal 2016.
While grain exports were not highlighted as an area of strength for fiscal 2017, exports of oilseeds and products are projected to expand, together with cotton, livestock, dairy and poultry. China is projected to once again be the largest U.S. export market in fiscal 2017, surpassing Canada.
Mr. Vilsack said exports account for 20% of farm income and support more than 1 million jobs.